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The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting

Armstrong, Chris - 2011

We review recent literature on the role of financial reporting transparency in reducing governance-related agency conflicts among managers, directors, and shareholders, as well as in reducing agency conflicts between shareholders and creditors, and offer researchers some suggested avenues for...

Persistent link: https://www.econbiz.de/10013133816

The Role of the Business Press as an Information Intermediary

Bushee, Brian J. - 2012

This paper investigates whether the business press serves as an information intermediary. The press potentially shapes firms' information environments by packaging and disseminating information, as well as by creating new information through journalism activities. We find that greater press...

Persistent link: https://www.econbiz.de/10013113468

Properties of Implied Cost of Capital Using Analysts’ Forecasts

Guay, Wayne R. - 2012

We evaluate the influence of measurement error in analysts' forecasts on the accuracy of implied cost of capital estimates from various implementations of the ‘implied cost of capital' approach, and develop corrections for the measurement error. We document predictable error in the implied...

Persistent link: https://www.econbiz.de/10013114798

The Usefulness of Long-Term Accruals

Guay, Wayne R. - 2011

lack of present-value considerations in the existing accounting model, timeliness problems, and measurement error in the …

Persistent link: https://www.econbiz.de/10013118852

The Usefulness of Long-Term Accruals

Guay, Wayne R. - 2011

lack of present-value considerations in the existing accounting model, timeliness problems, and measurement error in the …

Persistent link: https://www.econbiz.de/10013119086

Adapt or Perish : Evidence of CEO Adaptability to Industry Shocks

Guay, Wayne R. - 2018

Prior turnover literature documents that poor performance leads a board of directors to terminate the CEO, but does not explore the underlying causes of the CEO's poor performance. Recognizing that terminated CEOs have often been successful earlier in their tenure, we conjecture that changes in...

Persistent link: https://www.econbiz.de/10012938531

Price vs. Non-Price Performance Measures in Optimal CEO Compensation Contracts

Core, John E. - 2011

We empirically examine standard agency predictions about how performance measures are optimally weighted to provide CEO incentives. Consistent with prior empirical research, we document that the relative weight on price and non-price performance measures in CEO cash pay is a decreasing function...

Persistent link: https://www.econbiz.de/10012757279

Accounting for Employee Stock Options

Guay, Wayne R. - 2011

Accounting for employee stock options (ESOs) is controversial, with many arguing that it has substantial economic … consequences. Such arguments rely on the assumption that one or more interested parties fixate on accounting numbers and fail to … understand the real costs and benefits of ESOs. We review the various accounting issues and economic consequence arguments …

Persistent link: https://www.econbiz.de/10012757290

How Much Do Firms Hedge with Derivatives?

Guay, Wayne R. - 2011

Previous research offers little large-sample evidence on the magnitude of non-financial firms' risk exposure hedged by financial derivatives. Among 234 large non-financial derivatives users, if the median firm simultaneously experiences a three standard deviation change in interest rates,...

Persistent link: https://www.econbiz.de/10012757297

Market Valuations in the New Economy : An Investigation of What Has Changed

Core, John E. - 2011

We find mixed support for the hypothesis that a quot;New Economyquot; subperiod occurred in the late 1990s in which the relation between equity value and traditional financial variables differs from previous periods. We examine a regression model of equity value on financial variables over 25...

Persistent link: https://www.econbiz.de/10012757307